Published on 8/30/2005 in the Prospect News Biotech Daily and Prospect News Convertibles Daily.
New Issue: Barclays sells $15 million 8.5% exchangeables linked to Merck
By Jennifer Chiou
New York, Aug. 30 - Barclays Bank plc priced $15 million of one-year 8.5% exchangeable notes linked to Merck & Co., Inc. common stock, according to a 424B2 filing with the Securities and Exchange Commission.
| Issuer: | Barclays Bank plc
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| Issue: | Exchangeable senior medium-term series A notes
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| Underlying stock: | Merck & Co., Inc.
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| Amount: | $15 million
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| Maturity: | Aug. 31, 2006
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| Coupon: | 8.5%, payable monthly
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| Price: | Par
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| Payout at maturity: | Par in cash unless Merck stock closes lower than initial price of $27.66 and Merck stock closes below protection level of $22.13 between Aug. 26, 2005 and Aug. 28, 2006, in which case $1,000/$27.66 shares of Merck stock
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| Protection price: | $22.13, 80% of initial price
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| Initial price: | $27.66 (price of Merck stock on pricing date)
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| Pricing date: | Aug. 26
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| Settlement date: | Aug. 31
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| Lead manager: | Barclays Capital
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